Renaissance Technologies LLC Buys 859,235 Shares of C4 Therapeutics, Inc. $CCCC

Renaissance Technologies LLC lifted its stake in C4 Therapeutics, Inc. (NASDAQ:CCCC) by 53.6% during the 1st quarter, Holdings Channel reports. The institutional investor owned 2,461,815 shares of the company’s stock after purchasing an additional 859,235 shares during the quarter. Renaissance Technologies LLC’s holdings in C4 Therapeutics were worth $6,475,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. RA Capital Management L.P. bought a new position in shares of C4 Therapeutics during the 4th quarter valued at approximately $15,280,000. Wasatch Advisors LP lifted its holdings in C4 Therapeutics by 10.4% during the second quarter. Wasatch Advisors LP now owns 7,424,662 shares of the company’s stock valued at $10,617,000 after purchasing an additional 700,253 shares in the last quarter. Bain Capital Life Sciences Investors LLC lifted its holdings in C4 Therapeutics by 545.0% during the fourth quarter. Bain Capital Life Sciences Investors LLC now owns 7,171,910 shares of the company’s stock valued at $13,698,000 after purchasing an additional 6,060,000 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of C4 Therapeutics by 5.7% in the third quarter. Vanguard Group Inc. now owns 3,191,557 shares of the company’s stock worth $7,085,000 after purchasing an additional 173,535 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of C4 Therapeutics by 2.2% in the third quarter. Bank of America Corp DE now owns 2,053,162 shares of the company’s stock worth $4,558,000 after purchasing an additional 45,158 shares during the period. 78.81% of the stock is owned by hedge funds and other institutional investors.

C4 Therapeutics Trading Up 3.1%

NASDAQ:CCCC opened at $3.61 on Wednesday. C4 Therapeutics, Inc. has a 12-month low of $1.69 and a 12-month high of $5.17. The stock has a 50-day moving average price of $3.95 and a 200 day moving average price of $3.11. The stock has a market capitalization of $399.16 million, a P/E ratio of -3.03 and a beta of 2.91.

C4 Therapeutics (NASDAQ:CCCC) last issued its earnings results on Tuesday, May 12th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.05. C4 Therapeutics had a negative return on equity of 50.68% and a negative net margin of 297.76%.The company had revenue of $6.15 million for the quarter, compared to the consensus estimate of $4.42 million. On average, research analysts predict that C4 Therapeutics, Inc. will post -0.87 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (d-)” rating on shares of C4 Therapeutics in a research note on Friday, July 17th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, C4 Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $7.75.

C4 Therapeutics Company Profile

C4 Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted protein degraders. Utilizing its proprietary Controlled Inducible Degradation (CiD) platform, the company seeks to eliminate disease-causing proteins by harnessing the body’s natural protein disposal machinery. This approach aims to address a wide range of oncology and immuno-oncology indications by targeting proteins that have historically been difficult to inhibit with traditional small molecules or antibodies.

The company’s pipeline includes multiple small-molecule degrader candidates advancing through preclinical and clinical stages.